Afternoon Coffee: No Deal on Oil Freeze, Toyota Suspends Production

Oil prices fell sharply on Monday after a meeting of 18 oil-producing countries in Doha failed to produce a deal to freeze oil production at current levels. Prices had risen on confidence an agreement would be reached but then plunged following the event Sunday, slipping at one point as much as 6%, below $38 a barrel.

Toyota said it would suspend much of its production in Japan this week after earthquakes caused a shortage of parts and damaged factories. Honda and Sony also reported production suspensions related to the disaster.

Beyond supply disruption, the Japan earthquakes produced another unexpected consequence: a mysterious foam. Foamy bubbles carpeted the streets in Fukuoka, and residents of the southern Japanese city speculated a burst underground pipe may be the source, the Independent reported.

Across the Pacific, Brazilian President Dilma Rousseff appears to be running out of time and options to keep her job, according to Reuters. The country’s Lower House voted for her impeachment on Sunday, increasingly the likelihood Rousseff would be ousted mere months before the 2016 Olympics.